Westlake Chemical has received clearance from U.S. and Canadian regulators to acquire Axiall Corp., Westlake announced today. Axiall’s shareholders will vote on the purchase Aug. 30, and the deal is expected to close on the following day assuming they vote in favor.
Westlake agreed in June to acquire Axiall for $2.3 billion after a lengthy battle between the two firms. Axiall rejected a previous bid by Westlake in January due to terms it deemed inadequate. South Korea’s Lotte Chemical submitted an unsolicited bid of its own for Axiall just prior to the Westlake agreement.
SEE ALSO: Industrial gas suppliers Praxair, Linde in talks to merge
